Safe Bulkers, Early Termination of Charter

Monday, January 04, 2010

Safe Bulkers, Inc. (NYSE: SB), announced that it has agreed to terminate the existing charter of the Kamsarmax-class vessel Pedhoulas Merchant. The charter was contractually due to expire in November 2010. Following this agreement, the vessel is expected to be redelivered between February and March 2010. In exchange for the early redelivery of the vessel, the charterer has agreed to pay the company cash compensation between $5.1m and $6.5m, depending on the vessel's actual redelivery date. Following redelivery the vessel will be available for employment.

Polys Hajioannou, CEO and Chairman of the Board of Directors of the company, said: "During 2009, we have entered into similar early termination agreements with proper compensation, which strengthen our cash position. Traditionally we seek to maintain a high charter coverage ratio, while employing certain of our vessels in the spot market to take advantage of the higher rates until meaningful period time charters can be contracted."
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Syncrude Uncertain about Plant Fire Affecting Production

The operator of Canada's largest synthetic crude project said on Saturday it is investigating the causes of an early morning fire at an upgrading plant. Firefighters extinguished the blaze,

Hurricane Ignacio Gains Strength but Expected to Bypass Hawaii

Hurricane Ignacio intensified as it blew across the Pacific on a route likely to bypass Hawaii on Saturday, said the Central Pacific Hurricane Center of the National Weather Service.

United Heavy Lift Gears up for the Asian Boom

All set to expand its footprint in the South Asian market significantly, Hamburg based, United Heavy Lift (UHL) appointed strategically placed Lexicon Overseas Pvt Ltd.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2554 sec (4 req/sec)